Why You Need A California Living Trust In 2022

4 Important Benefits Of A Living Trust In California

Planning for your future is important. That said, there's more to estate planning than the standard last will and testament. So, let's go over Living Trusts and how they are often handled by our prescreened California Estate Planning Attorneys.

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What Is A Living Trust In California?

It is a legal document for financial planning that permits a person (Trustee) to hold the property of another person (Settlor) for the benefit of another person (Beneficiary). Unlike a will, A Living Trust takes effect during the settlor's lifetime.

The settlor, trustee, and beneficiary are usually the same person (at least until that person dies or becomes incompetent). In other words, you can be the settlor, trustee, and beneficiary of a Living Trust if you create one.

You maintain complete control over the property and are free to use and spend it as if it had never been placed in the trust.

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Why Do You Need A Living Trust In California?

The following are the most prevalent reasons for establishing a Living Trust:

1. You Avoid Probate

If you die, your property will be passed on to your beneficiaries without the necessity for probate (the official court administration of a decedent's estate). Likewise, there is no need for a conservatorship (a formal court action to handle an incompetent person's assets) if you become mentally ill.

In any instance, the person you identify as the succ